US sanctions on crude exporters Venezuela and Iran as well as supply cuts by oil cartel Opec and Russia are also supporting prices
London — Brent crude held steady near $70 a barrel on Wednesday as record Chinese imports and tighter global supplies eased concerns about a deepening trade spat between the US and China.
China's crude imports in April hit a record for the month of 10.64-million barrels per day , customs data showed on Wednesday. That is an 11% rise from April 2018. The country is the world's largest oil importer. Before that, prices had rallied on a tightening of US sanctions on Iran with the aim of reducing oil exports from the key producer to zero.
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